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February 22, 2018

Survey -- Martin Selig Real Estate

Image from Martin Selig Real Estate [enlarge]
Selig is developing this five-story office at 15th Avenue Northwest and Northwest Market Street in Ballard.

Specialty: Office building development

Management: Martin Selig, CEO

Founded: 1958

Headquarters: Seattle

Projects: 400 Westlake Ave., a 15-story office saving two facades of the old Firestone auto care center; 3031 Western Apartments, Selig’s first luxury apartment building in downtown Seattle

Company founder Martin Selig responded to questions about his firm’s activities in the Seattle market.

Q: What is your firm’s specialty?

A: Developing office buildings.

Q: Have you seen low vacancy rates in your buildings, and if so, what is driving that?

A: I see no let up in demand.

Q: One of your newer buildings is Third & Lenora. How has the response been?

A: One hundred percent leased to WeWork/WeLive.

Q: Are there any neighborhoods outside of downtown Seattle that you are looking at?

A: Doing a project in Ballard at 15th & Market which is 80 percent leased. Remaining 44,000 square feet is on the third floor.

Q: Seattle commercial properties are benefiting from high-tech expansion. How does that compare with what the city experienced in the late 1990s?

A: About the same, but stronger tenants with financial backing.

Q: Do your tenants prefer new construction or renovations?

A: We have both types of need.

Q: Any signs of economic weakness locally that could slow the hot market?

A: I see no signs of economic weakness. In fact, it’s just the opposite.

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